th images menu user export search eye clock list list2 arrow-left untitled twitter facebook googleplus instagram cross photos entrep-logo-svg

Business-Owning Families Top List of Richest Congress Members

Many are members of families with substantial interests in large business enterprises
By Pauline Macaraeg |

 

 

Eight of the top 10 richest members of Congress are owners, executives or members of families that control some of the country’s largest companies, Entrepreneur Philippines has found.

 

We looked at the newly released summary of the 2016 statements of assets, liabilities and net worth (SALN) of members of the House of Representatives and researched the backgrounds of the members who topped the list. The House released the summary on August 10.

 

Congress’ richest members have interests in a wide variety of business sectors, including port operations, sports, construction and property, hospitality and leisure, management, media, financial services and sports.

 

Michael L. Romero, 1-Pacman Party List representative, is the richest among all 294 representatives in the lower house, with a total net worth of Php7 billion. His business interests are in sports and port operations, through his listed port developer firm Globalport 900 Inc.

 

Following Romero is DIWA Party List Representative Emmeline Aglipay-Villar with Php1.4 billion, and District Representative Alfredo Benitez with Php943 million. (see infographic for full list)

 

Out of the top 10, only two solons have no known business affiliations. These are Imelda Marcos and Vilma Santos-Recto, district representatives of the second district of Ilocos Norte and sixth district of Batangas, respectively.

 

Former First Lady Marcos is the fourth wealthiest with a net worth of Php917.8 million, while Santos-Recto is in eighth place with Php522.6 million.

 

 

*****

 

 

Pauline Macaraeg is Entrepreneur PH's data journalist. Follow her on Twitter @paulinemacaraeg

Latest Articles

Why Making Others Feel Important Will Make You Happier and More Successful

Learning to improve your relationships with people will help improve your chances of success

byBrian Tracy | September 22, 2017 00:00:00

Why is Malacañang Censoring Key Data From Cabinet Members’ SALNs?

Information blackened out include officials’ cost of acquiring assets and location of properties

byPauline Macaraeg | September 21, 2017 19:00:00

How Did the Declaration of Martial Law in 1972 Affect the Economy?

A look at the impact of authoritarian rule on infrastructure, debt, GDP and inflation

byPauline Macaraeg | September 21, 2017 18:00:00

Will Megawide’s Proposed Train Project Bring Relief to Commuters Along Flood-Prone España?

Billion-dollar project will connect LRT-1 with MRT-7

byElyssa Christine Lopez | September 21, 2017 12:00:00

The Surprising Second Act for One of YouTube's Biggest Stars

Connor Franta has begun planning for a life after YouTube -- building a business that, one day, he...

byLaurie Sandell | September 21, 2017 09:00:00

The 4 Skills Needed to Make a Great Impression

Check out the research behind the first few seconds of meeting someone and how to make a great and...

byVanessa Van Edwards | September 21, 2017 07:00:00

The iPhone of Drones Is Being Built by This Teenager

With the millions he's raised, his flagship product might become one of the most game-changing...

byJesse Hyde | September 21, 2017 06:00:00

Pinoy Kids Need Not Worry: It's Business as Usual for Toys "R" Us

Local franchise holder assures all 34 standalone branches and 44 toy box outlets are open ahead of...

byElyssa Christine Lopez | September 20, 2017 18:00:00

How Much is the Typical Filipino’s Budget for Buying a House?

Real estate portal Property24 profiles the typical Filipino property buyer

byLorenzo Kyle Subido | September 20, 2017 10:00:00

(Video) Meet the Business Owner Who Caused a Z Movie-Like Stampede for the Php8 Zark’s Burgers

Why thousands of customers risked hurting themselves for a burger sandwich

byEntrepreneur Staff | September 20, 2017 10:00:00

What Has JAZA Got To Do With the UN’s Sustainable Development Goals?

Ayala Corp. chairman recognized as pioneer in crafting business strategy and operations around 17...

byElyssa Christine Lopez | September 20, 2017 09:00:00

The Luxuries People Can't Live Without (Infographic)

A recent study found that more people would give up Spotify for Netflix.

byRose Leadem | September 20, 2017 08:00:00